Launched in September 2023, the initiative, in collaboration with Bank Negara Malaysia and Payments Network Sdn Bhd (PayNet), aims to promote digital payment adoption in the rural areas of Sarawak.
"Serikin market merchants have adopted Merchantrade Money eWallet as part of the e-Duit @ Serikin campaign, enabling visitors to make digital payments to merchants with QR codes.
"The Merchantrade Money DuitNow QR eases instant payments without the hassle of physical cash and currency conversion," it added.
Merchantrade observed that the lively Serikin weekend market draws numerous traders from Kalimantan and tourists from around the globe.
It stated that transitioning to digital transactions has lowered the risk of cash loss or theft for merchants who frequently cross the national border for their livelihoods and has ensured adherence to the regulations of both countries.
"Additionally, upon returning to Indonesia, merchants can convert their hard-earned ringgit funds into Indonesian Rupiah using Merchantrade Money's in-app multi-currency conversion feature," Merchantrade noted.
Merchantrade managing director Ramasamy K. Veeran emphasised how the campaign has shown the impact of inclusive financial services on Serikin's local communities, which aligns with the government's digital agenda.
"The digital ecosystem we have developed with our innovative MerchantradeMoney DuitNow QR solution has facilitated safer, more convenient payments for both the merchants and their customers.
"With the introduction of digital payments, we have observed an increase in digital financial literacy and a boost in the local economy of Serikin," said Ramasamy.
Deputy Minister for Transport Sarawak (Riverine and Marine) and Sarawak Assemblyman for N2 Tasik Biru, Datuk Henry Harry anak Jinep, shared these views, emphasising the significance of digital payments for the development of rural communities.
"Embracing digital payments is crucial to accelerating digital financial literacy among developing communities like Serikin throughout Malaysia," he stated.